Romney has lived in Utah for several years, and he's a popular figure there. He's widely credited with saving the 2002 Olympics in Salt Lake City. He graduated from Brigham Young University, and his family has deep Mormon roots.

"I don't think he had any intention of ever running for office again after his last presidential race," said Ryan Williams, a former spokesman from Romney's days as governor and in his two presidential races. "But he is concerned about the future of the country and this is an opportunity I think he would consider given his desire to serve the public."

Tom Whalen, a political historian at Boston University, says Romney would be a near-lock to win and it could signal something else.